Group 1 - A total of 34 companies were investigated by institutions on June 4, with 25 companies being surveyed by funds, indicating strong interest in specific firms [1] - The most popular company among funds was Cuihua Jewelry, which had 25 participating funds, followed by Yuxin Technology with 20 funds and Sunshine Nuohuo with 11 funds [1] - The surveyed companies were categorized into various sectors, with the machinery and equipment, and computer industries having the highest representation, each with 5 stocks [1] Group 2 - Among the surveyed stocks, 18 experienced price increases over the past 5 days, with notable gains from Zhongli Co., Chaojie Co., and Cuihua Jewelry, which rose by 25.56%, 24.41%, and 21.99% respectively [1] - Conversely, 7 stocks saw declines, with Haichuang Pharmaceutical, Yuntu Holdings, and New Times falling by 9.05%, 3.03%, and 2.64% respectively [1] - In terms of net capital inflow over the past 5 days, 13 stocks recorded positive inflows, with Zhongli Co. leading at 255 million yuan, followed by Jingbeifang and Chaojie Co. with inflows of 211 million yuan and 184 million yuan respectively [2]

Group 1: Kede CNC - Kede CNC is focusing on humanoid robot technology, particularly in motion control technology adaptation and core component manufacturing applications [1] - The company has developed proprietary five-axis machining centers and linear motors to enhance precision and acceleration in manufacturing robot parts [1] - The demand for large aircraft in China is projected to require 8,278 new passenger aircraft from 2024 to 2043, significantly boosting the aviation manufacturing supply chain [1] - Kede CNC's products are applicable in manufacturing core components for large aircraft, including engines and structural parts, and the company has established partnerships with major aviation manufacturers [1] Group 2: Jingbeifang - Jingbeifang is focusing on stablecoin technology and its advantages in cross-border payments, emphasizing improved timeliness and reduced costs [2] - The company plans to enhance communication and collaboration with clients to explore the application of stablecoin technology in various business scenarios [2] - Jingbeifang aims to strengthen partnerships with both financial and non-financial institutions to expand business opportunities while adhering to regulatory requirements [2]

Group 1 - Circle, a major player in the stablecoin market, plans to go public on June 5 at the New York Stock Exchange, marking the first IPO in the stablecoin sector [1][2] - The recent legislative developments in the US and Hong Kong regarding stablecoins have sparked increased interest and activity in the stock markets, including A-shares [1][5] - Circle's stablecoin, USD Coin (USDC), has a market capitalization of approximately $60.9 billion, making it the second-largest dollar-pegged stablecoin globally [2][3] Group 2 - Circle's IPO is expected to raise $600 million by issuing 24 million shares, with a price range of $24 to $26 per share, leading to a fully diluted market valuation of $6.2 billion [3] - The stablecoin market is projected to exceed $250 billion globally by May 2025, with USDT and USDC accounting for over 85% of this market [4] - The recent legislative frameworks in the US and Hong Kong are anticipated to enhance the acceptance of stablecoins among traditional financial institutions and improve market liquidity for Real-World Assets (RWA) [6] Group 3 - The digital currency sector has seen a resurgence in activity, with the digital currency concept stocks in the A-share market rising by 0.45% recently, and notable individual stocks experiencing significant gains [7] - China Everbright Holdings, a strategic investor in Circle, has also seen its stock price rise significantly, reflecting the market's positive sentiment towards the upcoming IPO [7]

6月4日，近期引爆资本市场的稳定币概念热度延续，A股稳定币指数涨超1%。个股方面，中科金财（002657）涨停，近4个交易日内，股价涨幅已超 36%；御银股份（002177）涨停，翠微股份（603123）、京北方（002987）、神州信息（000555）等跟涨。 稳定币的"热风"也刮到了券商领域。最近一周，券商密集召开或筹备与稳定币相关的路演会议，数量超30场。同时，包括中信证券（600030）、中金公司 （601995）、国泰海通、广发证券（000776）、长江证券（000783）、东北证券（000686）等在内的多家机构，也纷纷输出了几十篇相关的研报。 稳定币是指价值锚定各类法定货币的加密货币。受访分析人士认为，券商召开会议的节奏之快、密度之高，已然超出常规题材的"热点周期"，更像是对一 个重大趋势的"集体捕捉"。这本质上折射出两个变化：一是全球金融监管环境在相关领域的突破性进展；二是资本市场对数字金融基础设施升级的战略性 押注。 密集召开路演会议 中国香港特别行政区政府于5月30日在宪报刊登《稳定币条例》（简称《条例》），这意味着其正式成为法例。 近期，美国和中国香港相继推出稳定币监管法案，代表着监管层 ...

Group 1: Market Dynamics and Company Positioning - Stablecoins are innovative financial tools that combine traditional asset values with blockchain technology, offering strong stability and potential for cross-border payment systems [3] - The rapid introduction of the Hong Kong Stablecoin Regulation enhances the role of stablecoins in global settlement networks and increases demand across various business scenarios, including issuance, custody, operation, redemption, regulation, compliance, cross-border payments, supply chain finance, and cross-currency exchanges [3] - The company is a leading digital technology and financial services provider in China, with substantial technical expertise in blockchain, privacy computing, and smart contracts, and is actively exploring related business opportunities [3] Group 2: Q&A Highlights - The company has established a mature technical team in the stablecoin sector and plans to enhance communication with clients to explore application opportunities in various business scenarios [3] - Stablecoins are expected to address pain points in the traditional SWIFT-based cross-border payment system, such as high remittance costs and uncertain transaction times, offering better efficiency and lower transaction costs [3] - The company has built a comprehensive client matrix centered on the banking sector, covering insurance, securities, trusts, and funds, and aims to deepen cooperation with both financial and non-financial institutions to expand its business [3] Group 3: Event Details - The investor relations activity took place on June 4, 2025, in Beijing, in the form of an online meeting [2] - Participants included representatives from various securities firms and investment funds, with the company being represented by Chairman Fei Zhenyong and Secretary of the Board Wang Xiao [2] - The event did not involve the disclosure of any significant information [3]

Core Viewpoint - The financial technology sector is experiencing growth, driven by regulatory developments in stablecoins and increased investment in financial technology ETFs, indicating a positive outlook for the industry [3][4]. Group 1: Financial Technology ETF Performance - The financial technology ETF (516860) has seen a recent increase of 0.74%, with a latest price of 1.22 yuan and a trading volume of 59.49 million yuan [3]. - Over the past year, the financial technology ETF has achieved a net value increase of 71.32%, ranking 31 out of 2831 index stock funds, placing it in the top 1.10% [4]. - The ETF has experienced significant growth in shares, with an increase of 22 million shares over the past three months, ranking it in the top third among comparable funds [4]. Group 2: Regulatory Developments - The Hong Kong government has officially enacted the "Stablecoin Regulation," establishing a licensing system for fiat-backed stablecoin issuers, which aims to enhance the regulatory framework for virtual asset activities and promote financial innovation [3]. - The introduction of stablecoin regulations in both the U.S. and Hong Kong marks a new phase of compliance and regulation in the stablecoin industry, which is expected to foster the continued prosperity of related cryptocurrency sectors [3]. Group 3: Key Holdings and Metrics - The top ten weighted stocks in the China Securities Financial Technology Theme Index (930986) account for 52.03% of the index, with notable companies including Tonghuashun (300033) and Dongfang Caifu (300059) [4][7]. - The financial technology ETF has a management fee of 0.50% and a custody fee of 0.10%, which are among the lowest in comparable funds [5]. - The ETF has demonstrated high tracking accuracy, with a tracking error of 0.046% over the past two years, the best among comparable funds [5].

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

证券研究报告 |行业点评 gszqdatemark 2025 06 04 年 月 日 区块链 稳定币+RWA：下一个金融科技的大变革 近期随着美国《GENIUS 法案》及香港《稳定币条例》陆续立法通过， 市场对稳定币主题的关注度快速提升。考虑到 Circle 上市在即，结合 Tether 的财报，稳定币主题亦有可对照研究的商业模式，作为金融科技 领域的大变革，值得重视。 稳定币某种程度上充当了加密货币市场"计价工具"的作用，这是对传统 法币交易的一种补充甚至替代。稳定币诞生后不久，加密货币市场最主要 的交易对是稳定币交易对，因此，稳定币在交易工具、价值流通等方面， 充当着"法币"的作用。主流交易所（包括 DEX 去中心化交易所），比 特币现货、期货交易对以 USDT 等稳定币为主，尤其是交易量更为大的期 货合约，主流交易所正向合约（以美元稳定币为保证金的期货合约）几乎 都是 USDT 交易对。 技术上看，稳定币代表着新一代支付技术。USDT 由 Tether 公司于 2014 年推出，1 USDT 锚定 1 美元，是市场较早的一批稳定币，此后逐渐成 为市场上使用最广泛的稳定币产品，当前发行规模超 1500 亿 ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][9]. Core Viewpoints - The implementation of the "Stablecoin Ordinance" in Hong Kong marks a milestone event in the digital asset sector, establishing a licensing system for issuers of fiat-backed stablecoins [5]. - Stablecoins, by anchoring to fiat currencies, can enhance payment efficiency and contribute to the stability of the cryptocurrency market, while also competing for global monetary influence and digital asset liquidity [9]. - The growth potential of stablecoin payments is significant, with a reported 88% year-on-year increase in total stablecoin payments observed in February 2025, although it still represents only about 0.55% of Visa's transaction volume [5][9]. Summary by Sections Regulatory Developments - The Hong Kong government officially published the "Stablecoin Ordinance" on May 30, 2025, following its passage by the Legislative Council on May 21, 2025. This ordinance requires any entity issuing fiat stablecoins in Hong Kong to obtain a license [5]. Market Dynamics - The stablecoin market is still in its early stages, with regulatory policies expected to accelerate its adoption and application. The report anticipates an increase in the proportion of stablecoins in actual payments as regulatory frameworks mature [5][6]. Investment Opportunities - The report suggests focusing on investment opportunities within the stablecoin ecosystem, particularly in sectors such as basic IT services and cross-border payment hardware. Key companies to watch include Tianyang Technology, Jingbei Fang, Zhongke Jincai, Changliang Technology, and Hengsheng Electronics for IT services, and Newland, Xinguodu, and Lakala for payment hardware [9].

Group 1 - The China Hong Kong Legislative Council has passed the "Stablecoin Regulation Draft," establishing a licensing system for fiat-backed stablecoin issuers, marking a significant step towards regulatory oversight of stablecoins in the region [1][2] - The U.S. government is also advancing stablecoin legislation, with the Senate passing the "2025 U.S. Stablecoin Innovation and Establishment Act" (GENIUS Act) to provide federal oversight for dollar-pegged stablecoins [1][2] - Stablecoin trading is noted to have higher efficiency compared to traditional banks, particularly in cross-border payments, positioning Hong Kong as a potential international Web3 hub [2] Group 2 - The China Securities Information Technology Application Innovation Industry Index has seen mixed performance among its constituent stocks, with notable gains from Langchao Software and Beijing North方, while Kaipu Cloud and BGI Genomics faced declines [1] - The Xinchang ETF (562570) is tracking the China Securities Information Technology Application Innovation Industry Index, focusing on autonomous and controllable leading companies in sectors such as artificial intelligence, data computing power, industrial software, and information security [2] - Strategic restructuring announcements from Haiguang Information and Zhongke Shuguang are relevant to the index, as these companies are significant constituents, collectively accounting for over 10.2% of the index's weight [2]